Shoestring Living: The 30-day waiting period

Monday

Aug 29, 2011 at 12:01 AMAug 29, 2011 at 6:15 AM

My closet it full of spontaneous purchases. While my most recent spur-of-the-moment decisions have more to do with kid-related items or groceries, my closet tells the story of a before-kids impulse shopper who didn’t think through her purchases.

Molly Logan Anderson/GateHouse News Service

My closet it full of spontaneous purchases. While my most recent spur-of-the-moment decisions have more to do with kid-related items or groceries, my closet tells the story of a before-kids impulse shopper who didn’t think through her purchases.

In my years of frugal living research, I’ve come across this simple piece of advice multiple times, “When making a purchase, delay it for 30 days. If you still want to buy whatever it is then, go ahead.” Taking into consideration that the purchase is within your means is an integral piece of the puzzle here. If it is, I think the 30-day waiting period is a sound piece of advice. Here’s why:

It kills the impulse

When I think about items purchased on the fly that went unused, a plethora of things come to mind. There are numerous tops that looked great on the hanger, but no so great on me. There are hair products that didn’t quite do what they promised. There are shoes that never became comfortable. I’m sure you can relate. Still, I’ll admit that these purchases gave me a few moments of pleasure when I left the store. But like any urge, the less you give into it, the weaker it becomes. Don’t feed the beast.

It keeps clutter to a minimum

Here’s a confession: Watching those television shows about hoarding is my definition of a horror movie. The older I get, the more I crave minimalism and simplicity. When you implement the 30-day waiting period, I think you’ll find that you almost never go back to make the purchase. Just imagine the open spaces in your home, and your soul, created by the elimination of the majority of purchased stuff.

It takes buyer’s remorse out of the equation

If you’re doing your darnedest to stay within budget and plan for the future, even the smallest purchase can bring about buyer’s remorse. I’ve suffered through it after purchasing a house or car, but even when I dole out cash for something I need, like a haircut. The fact is that life requires you to spend money. By waiting thirty days when you’re able, eliminating some of your purchases and watching your savings grow; you’ll relieve yourself of grueling buyer’s remorse.

It ensures your hard-earned money is well spent

I recently waited out a purchase of artwork for our kitchen. It wasn’t expensive, but I waited and wanted it every day of the 30-day period. In the end, I knew this purchase was right for me. The bottom line is to be cautious and wise with your money. Treat it like the blessing that it is; able to provide you with life’s necessities and some freedoms as well. Waiting 30 days to make a purchase outside the norm, shows you’re committed to financial peace and security for the long haul.

(Molly Logan Anderson is a freelance writer who lives in the western suburbs of Chicago with her husband, Mike, three kids and two labs. Join Molly on her family’s journey of living a frugal life and making financial freedom their reality in her columns or visit her website at www.mollylogananderson.com.)